January 4, 1973

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FEDERAL RESERVE toiiiticai release Tibie i MONEY STOCK MEASURES 1 H6 m m tiLEL LIOH1 py OBLUHHM Ma a Ml Mi plus time deposits M2 plus Hepruiti Currency plus at commercial banks it Honbank other than large thrift initltullom 4 demand deposit 2 Date 1971 November J ecember Jflmiflfy February March April May June July August September October November Week ending l972 Nov l Dec p 27 p uwm mM 460 6 T r Immediate Release o January I1 n r y plus time deposits 1 Ml Mg lli ns t WA W i t Mi L i r lv 5v 51 2 r 512 1 r M plus deposits 2 at commercfal banks at nonbfink demand deposits other than large thrift Institutions QkUl Not Seasonally Adjusted Quttmy uiu r t t r 516 6 r U y l 4 Implementation of revised Regulation J on November 9 because of U s effects on clearing accounts on bank balance sheets had the effect of raising demand deposits an calculated for inclusion In money supply However the resulting Increase has been eliminated from current money aupply data beginning with the week ended November 15 In order to avoid a discontinuity In the series fha upward adjustment of money suppty as a result of revised Regulation J will be Incorporated in tht statistics a the time of the regular annual benchmark and seasonal adjustment review At the same time historical figures will also be revised on a consistent basis The forthcoming adjustment s to the figures stemming from the change in Regulation J will primarily affect the level of the series and will themselves have minimal effects on rates of change Includes 1 demand depoaltB at all commercial banks other than those due to domestic commercial bankB and the U S Government less cash items In the proceBB nf collection and P R floats 2 foreign demand balances at F R Banks and 3 currency outside the Treasury F R Hanks and vaults of all commercial banks Includes in addition to currency and demind deposits savings deposits time deposit open account and time certificates of deposits other than negotiable time certification of deposit issued in denominations of or more by large weekly reporting commercial banks Includes NL plus the average of the beginning and ond of month deposits of mutual savings banks and savings capital at savings and loan associations r Rev 1nnd p Preliminary M 4 HU i i i M fM TfW J MONEY STOCK MEASURES iLBiJimi i irinaminwiuuiiMr riri inrT irr iir irTr in r U f tff m rtrgi M v i f i 5 Irt T 9 i H j w 28 D c U a l H weeks previous i weeks previous weckr previous 8 L l i h J r M pluv dtaoitt it aonbink Ihnfj intlitut n J Si W72 CI month p r t v t u u Mw 1972 C m m t h s i r e v i o u s iWi TtSff t 7l 12 rtr ntttlf prtvlous f i t wssfcs e n d i n g Fr jm ftnir ws V e n d i n g M miii ii mi Includes 1 demand deposits at all commercial banks other than those doe p domestic commercial banks and the U S Government lees cash items in the ptocgeB Oi on and F R float 2 foreign demand balanced at F R BankKj and 3 currency outside the Treasury F R Banks and vaults of all aommeircial banks If Includes in addition to currency and demand deposits savings deposits time deposits open account and time certificates of deposit other than negotiable time certificates of deposit issued in denominations of or more by istge weekly reporting commercial banks V Includes H 2 plus the average of the beginning and end oi martin deposits mutual savings banks and savings capital at savings and loan associations t Note All rates of change are based on daily average d tfM ratea at ahange are not compounded rrofft u amRVE tt ttitit i R I Me Table 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED IN BILLIONS OF DOLLARS time and UVifigi dfpoilU Currency J 971 Novcmbpi December January ttibruary Mrirch April Hay June July August September October November Uonbwk 0em nd deposit DM Week ending 1972 Nov Dec 6 IJ 20 p 27 p i i i r I D0 8 25 J i Ottof 233 J 236 4 low CO B B J r i m 5 t W 8 t an mtmmmmmm Implementation of revised Regulation J on November 9 beaming of i t s effects on clearing accounts on bank balance sheets had the effect of r a i s i n g demand deposits as calculated for Inclusion in money supply However the resulting Increase has been eliminated from current money Supply data beginning with the week ended November 15 In order to avoid a discontinuity in the series The uptfard adjustment of money supply as a result of revised Regulation J will be incorporated in the s t a t i s t i c s at the time of the tegular annual benchmark and seasonal adjustment review At the same time h i s t o r i c a l figures w i l l also be revised on a consistent basis the forthcoming adjustments to the figures stemming from the change in Regulation J will primarily affect the level of the series and will themselves have minimal ai EetSftB dn fjttes of change Negotiable time c e r t i f i c a t e s oj depdsit issued In denominations of 100 OoO dt more by large Weekly reporting commerciel banks Average of beginning and end of month deposits at mutual savings tepkfl and savings capital at savings and loan associations p Preliminaryj t Hevised FEDERAL RESERVE itttitticaf Rtltiff H 6 t A TifaJi 4 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED IN BILLIONS OF DOLLARS Tima and iavmaj dtponti Demand deposits Currency Date CD s i Other Nonbank thrift institutions 3 Total I971 November December I I972 January February March April May Week Ending 1 T972 Nov Dec I r n J p 27 p July August September October November Juno US Govt demand 1r r J Implementation of revised Regulation J on November 9 because of its effects on clearing accounts on bank balance sheets hid tht effect of riising dcmdnd deposits as calculated for inclusion m money supply However the resulting increase has been eliminated from current money supply data beginning with the week ended November 15 in order to avoid a discontinuity in the series The upward adjustment of money supply as a result of revised Regulation J will be incorponted in the statistics at the time of the regular annual bekchmark and seasonal adjustment review At the same time historical figures will also be revised on a consistent basis The forthcoming adjustments to the figures stemming from the change In Regulation J will primarily af f ec tr the teve1r erf t re series and will themselves have minimal effects on rates of change Negotiable timt certificates of deposit issued in denomination of or more by large weekly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks and savings capital at savings and loan associations I S Government dtmand deposits at all commercial banks n Preliminary r Revised